Where would i put the 5% fees we are charged from our factoring company?

[neilsonjohnson]

My husband is a truck driver and we factor the loads in order to get paid. He has his own business. (LLC).

[DexterS]

In TurboTax Self-employed you can enter factoring costs as follows:

• Business >> Business Income and Expenses >> Select >> "Start/Update"
• Next you'll see your business income screen >> Select >> Edit
• Scroll Down >> Business Expenses >> Select >> Other Common Business Expenses
  
• Select >> "Start/Update" >> "Let's write off some business expenses
• Pick a  category that makes sense to you >> Select >> Start

Almost any of these, Interest Payments, Legal & Professional, Other Miscellaneous Expenses, has blank lines that you can type in your own description "Factoring", so you'll know what it is when you look at it later.

[tctlogisticsllc]

What about turbo Tax for S-corp? Where do I put the Factor Fees? 

[PatriciaV]

@tctlogisticsllc

Factoring Fees are reported for an S-Corp in a similar category as Schedule C.

In TurboTax Business, this deduction is entered under Federal Taxes >> Deductions >> All other expenses, using a custom description for the amount.

Note: If you enter a general business expense in the wrong category, it will not affect your taxes. Just be sure you don't enter the same expense twice.